Around the World's Markets: Hong Kong

HONG KONG suffered most of the Asia-Pacific markets, which were hit hard by overnight falls on Wall Street and Nasdaq. The Hang Seng closed down 248.45, or 2.63 per cent, at 9,190.20, its lowest of the year so far.

Banks and property shares were down as hopes of a cut in interest rates before the Chinese Lunar New Year faded. HSBC fell HK$5 to HK$189, Hongkong Telecom and China Telecom were down, and the Hang Seng China index fell 4.16 to 295.12.